Most slangs serve several purposes, including excluding strangers including members of the group. I presume that the current teenage fashion for rhyming slang is just a fashion, and will move back to rap or on to whatever comes next, with the most memorable and useful phrases sticking a bit longer.
The phrase "I Adam and Eve you" is not commonly used, but the construction "Would you Adam'n'eve it?" is fairly common. Remember that many (most?) constructions lost the rhyming second half, so China = China Plate = mate (friend)and so the synonym is not particularly long or awkward.
I think it was the Two Ronnies (UK TV) which had a sketch entirely in Rhyming slang but the two participants each had a completely different rhyming pair and meaning which had to be unravelled with humourous results.
Ro* Ward
